The New Jersey Division of Investment in Trenton found that 20% of funds in its alternative investment programme reported using a placement agent.
Private equity funds, hedge funds and real estate funds were surveyed. The only hedge fund to use a placement agent was Knight Vinke, which made a presentation to the State Investment Council in March 2008 and won a $100 million mandate in June 2008. XT Capital was listed as the placement agent.
William Clark said: "The role of such agents varies, from marketing and introductory services, to coordinating the process